Let’s go to Dubai to determine if there is a post-oil future.
Dubai is a rich place and it’s been attracting more businesses than ever before.
The first half of this year has seen a 26% rise in foreign investments. In dollar amount, this translated into $4.84 billion.
Back then it towered over the rest of the buildings around it. Today it is just one of many of Dubai’s skyscrapers.
“Build it and they will come” and so they have.
Dubai has known for a long time that it needed to diversify. Dubai has been on this for over the last 50 years. The ruler of Dubai Rashid Bin Saeed Al Maktoum, from 1958 until his death in 1990, knew he had to look out for his people. What if there is a fall in the oil business?
He foresaw things and made historic decisions like having the mouth of the natural harbor of the Creek dredged.
When Port Rashid opened up back in 1972 it needed only two cranes.
It didn’t take long to grow and by 1979 the demand was so strong on the port that another one needed to be built. Now Jebel Ali is the largest and busiest port in the Middle East, looking like a solid trade foundation to support the post-oil future.
The UAE has built a diverse industry, with airports, iconic buildings, innovative infrastructure, outstanding leisure, and retail facilities. This built up the physical landscape, not just for tourism but also to attract businesses and entrepreneurship.
Recently there had been new business reforms for a post-oil future.
Not only does it cost less to do business here but in April Dubai also took measures to attract new investments. In May, much of the red tape was cut out, which made it easier for overseas investors to set up business in the UAE.
The creation of this area since 1971 has focused on making it an attractive place to live and work. It has become a global hub with two-thirds of the world’s populations living less than an eight-hour flight away. It is filled with international businesses, world-renowned intellectuals, and cultural institutions.
The key to the nation’s prosperity is entrepreneurship and inward investments.
The oil industry isn’t forever, likely in a generation or less it will go down in history joining the fishing and pearl trade, which Sheikh Rashid predicted.
This will become yet another chapter in how a nation evolves to prosper.
So is there a post-oil future?
Sonia Rina Davies is a passionate entrepreneur, speaker, author, and personal development coach. She is an outspoken advocate of the free market economy and has helped countless clients identify their core values, envision and realize goals that resonate with those values. She oversees several businesses both online and offline.